Curzon Energy : Interim Report 2021

Curzon Energy Plc

("Curzon" or the "Company")

Unaudited Half-Year Results for the Six Months

Ended 30 June 2021

13 September 2021

Curzon Energy Plc (LON:CZN) the London Stock Exchange listed company, announces its unaudited interim results for the six months to 30 June 2021.

CHAIRMAN'S STATEMENT

I am pleased to present the interim report for the Company, covering its results for the six months ended 30 June 2021.

Financial Review

The Company incurred a loss of US$411,907 in the period. A majority of this loss comprised expenditures in relation to the maintenance of a commercial position at its Coos Bay Energy LLC ("Coos Bay") coalbed methane ("CBM") project as well as corporate costs and overheads associated with the UK listing. Additional expenditures were incurred conducting due diligence on a potential transaction with Poseidon Enhanced Technologies ("PET").

The Company had cash of US$113,282 as at 30 June 2021 (US$146,549 as at 30 June 2020). Basic loss per share of US$ 0.003 (period ended 30 June 2020: US$ 0.004).

Given the nature of the business and its present development strategy, it is unlikely that the Board will recommend a dividend in the foreseeable future.

Outlook

The Company's near-term goal remains focused on exploring ongoing opportunities associated with the Company's historic Coos Bay coal bed methane project, as well as completing due diligence, covering a potential transaction with Poseidon Enhanced Technologies ("PET"). The Company believes that in light of a recent resurgence in US natural gas prices that the Company's historic assets continue to have value, and as such it progressing ongoing discussions regarding a farm-in or sale of these assets.

Due diligence efforts on the potential transaction with PET continue to progress, with PET preparing its operations, its team and its balance sheet for the planned transaction with Curzon.

On behalf of the Board, I would like to take this opportunity to thank our staff and advisers for their hard work as well as our shareholders for their continued support during this extended transition process.

We look forward to updating shareholders on our progress in due course.

John McGoldrick

Chairman and Non-Executive Director

CHIEF EXECUTIVE OFFICER'S REVIEW

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The Company remains focused on exploring development opportunities regarding its Coos Bay coal bed methane project, including active renewal discussions regarding license extensions with the major lease owners.

Meanwhile, discussions and data sharing continue with PET, and as demonstrated by the recent extension announced on 1 September 2021, all sides remain engaged and working towards completing this key diligence stage, including preparations of PET to ultimately operate as a listed entity.

The Company remains convinced of the sizeable opportunity that a chemical plastics recycling business offers, particularly in meeting the needs of major European and international brands, which are soon to be required to include 100% recycled PET plastic in their products.

With measurable progress on the potential transaction with PET and increasing US gas prices opening up opportunities regarding a Coos Bay transaction, the Company is well positioned to enter the exciting ESG space meeting a key ongoing industry need for recycled plastics.

Scott Kaintz

Chief Executive Officer

STATEMENT OF DIRECTORS' RESPONSIBILITIES IN RESPECT OF THE CONDENSED INTERIM REPORT AND CONDENSED FINANCIAL STATEMENTS

The Directors confirm that the condensed interim financial information has been prepared in accordance with International Accounting Standard 34, 'Interim Financial Reporting', as adopted by the European Union and that the Interim Report includes a fair review of the information required by DTR 4.2.7R and DTR 4.2.8R, namely: an indication of important events that have occurred during the first six months and their impact on the condensed interim financial information, and a description of the principal risks and uncertainties for the remaining six months of the financial year; and material related-party transactions in the first six months and any material changes in the related-party transactions described in the last Annual Report.

By order of the Board

John McGoldrick

Chairman and Non-Executive Director

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Consolidated statement of comprehensive income for the six months ended 30 June 2021

		Six months	Six months	Year ended
		ended	ended	31 December
		30 June 2021	30 June 2020	2020
		Unaudited	Unaudited	Audited
	Notes	US$	US$	US$
Administrative expenses	5	(278,305)	(287,043)	(528,799)
Loss from operations		(278,305)	(287,043)	(528,799)
Finance expense	6	(67,847)	(76,470)	(88,775)
Impairment of exploration and		-	-	-
evaluation assets
Foreign exchange differences		266	(3,487)	-
Loss before taxation		(345,886)	(367,000)	(617,574)
Income tax expense		-	-	-
Loss for the period attributable to equity
holders of the parent company		(345,866)	(367,000)	(617,574)
Other comprehensive income/(expense)
Gain/(loss) on translation of parent net
assets and results from functional		(66,041)	78,311	(82,297)
currency into presentation currency
Total comprehensive loss for the period		(411,907)	(288,689)	(699,871)
(Loss) per share
Basic and diluted, US$		(0.003)	(0.004)	(0.008)

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Consolidated statements of financial position
		At 30 June 2021	At 30 June 2020	At 31 December
		2020
	Notes	Unaudited	Unaudited	Audited
	US$	US$	US$
Assets
Non-current assets
Intangible assets		-	-	-
Property, plant and equipment		-	-	-
Restricted cash		125,000	125,000	125,000
Total non-current assets		125,000	125,000	125,000
Current assets
Prepayments and other receivables		32,180	33,812	41,699
Cash and cash equivalents		113,282	146,549	47,188
Total current assets		145,462	180,361	88,887
Total assets		270,462	305,361	213,887
Liabilities
Current liabilities
Trade and other payables		746,570	813,274	737,835
Borrowings		1,576,746	933,382	1,183,018
Total current liabilities		2,323,316	1,746,656	1,920,853
Total liabilities		2,323,316	1,746,656	1,920,853
Capital and reserves attributable to
shareholders
Share capital	4	1,105,547	1,105,547	1,105,547
Share premium		3,619,332	3,619,332	3,619,332
Share-based payments reserve		474,792	474,792	474,792
Warrants reserve		375,198	375,198	375,198
Merger reserve		31,212,041	31,212,041	31,212,041
Foreign currency translation reserve		(251,714)	(25,065)	(185,673)
Accumulated losses		(38,588,050)	(38,203,140)	(38,308,203)
Total capital and reserves		(2,052,854)	(1,441,295)	(1,706,966)
Total equity and liabilities		270,462	305,361	213,887

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Consolidated statements of changes in equity

						Foreign currency
			Consolidation	Share-based		translation	Accumulated
	Share capital	Share premium	reserve	payment reserve	Warrant reserve	reserve	losses	Total
	US$	US$	US$	US$	US$	US$	US$	US$
At 1 January 2020 (audited)	1,103,457	3,586,947	31,212,041	474,792	213,250	(103,376)	(37,836,140)	(1,349,029)
Loss for the period	-	-	-	-	-		(367,000)	(367,000)
Other comprehensive income	-	-	-	-	-	78,311	-	78,311
for the period
Total comprehensive loss for	-	-	-	-	-	78,311	(367,000)	(288,689)
the period
Issue of share options	2,090	206,871	-	-	-	-	-	208,961
Share issue costs	-	(12,538)	-	-	-	-	-	(12,538)
Issue of warrants	-	(161,948)	-	-	161,948	-	-	-
At 30 June 2020 (unaudited)	1,105,547	3,619,332	31,212,041	474,792	375,198	(25,065)	(38,203,140)	(1,441,295)
At 1 January 2020 (audited)	1,103,457	3,586,947	31,212,041	474,792	213,250	(103,376)	(37,836,140)	(1,349,029)
Loss for the year 2020	-	-	-	-	-	-	(617,574)	(617,574)
Other comprehensive income	-	-	-	-	-	(82,297)	-	(82,297)
for the year
Total comprehensive loss for	-	-	-	-	-	(82,297)	(617,574)	(699,871)
the year
Issue of shares	2,090	206,871	-	-	-	-	-	208,961
Share issue costs	-	(12,538)	-	-		-	-	(12,538)
Issue of warrants	-	(161,948)	-	-	161,948	-	-	-
At 1 January 2021 (audited)	1,105,547	3,619,332	31,212,041	474,792	375,198	(185,673)	(38,308,203)	(1,706,966)
Loss for the period	-	-	-	-	-	-	(345,866)	(345,866)
Other comprehensive income	-	-	-	-	-	(66,041)	-	(66,041)
for the year
Total comprehensive loss for						(66,041)	(345,866)	(411,907)
the year
At 30 June 2021 (unaudited)	1,105,547	3,619,332	31,212,041	474,792	375,198	(251,714)	(38,588,050)	(2,052,854)

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